By Priya Raman

Guyana's crude exports will close the year above 1 million barrels per day, according to a Bloomberg report — a milestone the country reached just 10 years after starting from zero production. That is the hardest number in this story. The second question is what happens to the gas.

Exxon discovered billions of barrels off Guyana's coast. The Associated gas (gas produced alongside crude, which must be used or reinjected) came with it. Early plans included adding LNG (liquefied natural gas) to Guyana's export slate. Now the government is weighing a U-turn: keep the gas for the domestic market instead.

What changes if gas stays home?

An LNG export chain needs scale, offtakers and billions in capital. A domestic-first policy flips the sequence. It would feed power generation and local industry before any molecule leaves the country.

Takeaway: a policy decision, not an FID (final investment decision), is on the table here.

How fast the ramp has been

Ten years from first oil to 1 million bpd is rapid by any basin standard. Most producers take decades to build that volume. Exxon's Stabroek Block discoveries did it in one.

The Bloomberg figure covers exports, which in Guyana effectively equals production — the country has no significant refining capacity to absorb crude locally.

Takeaway: the pace is real; the durability depends on continued development drilling.

What's not said

The report gives no timeline for the gas decision. It names no volume earmarked for domestic use. It doesn't say whether Exxon has agreed.

Any LNG scheme would also need government sanction and, likely, a new partner or contract structure. None of that appears in the reporting so far.

Takeaway: a policy drift, not yet a policy.

Watch item

The government's formal decision on gas allocation. Until then, LNG exports remain an option on paper — and domestic supply is the base case.